Caspin Resources Ltd (ASX:CPN) has delineated a 2-kilometre-long gold-in-soil anomaly at the Mount Squire Project in Western Australia, the largest and strongest geochemical anomaly identified on the tenure to-date.
The new anomaly, dubbed the Regal prospect, is along the Handpump Fault alongside several other smaller gold anomalies, which returned peak results of 221 parts per billion gold in soil and rock chip sampling.
The company’s aircore drilling at Duchess also returned notable gold and molybdenum results, to be further investigated with deeper reverse circulation (RC) drilling this year.
Camp-scale potential
“These results complete an exceptional 2022 field program at Mount Squires,” Caspin Resources CEO Greg Miles said.
“The Regal prospect is an exciting early-stage exploration target in an area that has had no previous effective exploration.
“The size of the anomaly, within a cluster of smaller anomalies, adjacent to some key structures, indicates a potential ‘camp-scale’ opportunity.
“Meanwhile, the Duchess and Handpump prospects have moved rapidly to more advanced drill targeting, with exploration to date limited only by the availability of a suitable drill rig.
“We’ve rapidly developed multiple targets on both gold and base metal trends and effectively hold two projects within the one land holding.
“Mount Squires is a unique project in an emerging province. Our 2023 exploration program will continue work on both fronts with multiple opportunities for discovery.”
The new gold targets along the Handpump Fault have extended the known mineralisation in this area over some 40 kilometres or more, offering multiple targets for further exploration, while rock chip and soil sampling revealed the presence of silver mineralisation, possibly associated with gold.
From here, Caspin intends to complete an extensive exploration program, including drilling depth extensions and coincident magnetic and induced polarisation (IP) anomalies at the Handpump Prospect once activities at the Yarawindah Brook Project are complete.
Read: Caspin Resources locks in on multiple priority targets at Yarawindah Brook PGE-Ni-Cu Project